International organisation Scan Global Logistics has published its financial statements for the first nine months of 2024, with “solid” growth across ocean and air freight laying a strong foundation for the gross profit and revenue built by recent acquisitions.
The quarterly report for the third quarter shows a year-on-year revenue increase of 52 per cent when compared to FY23, at a figure of EUR 674 million.
Gross profit grew 18 per cent to EUR 138 million, while EBITDA slightly increased to EUR 51 million, up from EUR 50 million this time last year.
Recent acquisitions include Blu Logistics Brasil and Foppiani Shipping and Logistics.
“Our constant focus on organic growth drivers and strategic integration of new businesses has borne fruit this quarter,” Scan Global Logistics Global CEO Allan Melgaard says.
“The results demonstrate our teams’ ability to navigate a complex global market and continue to deliver value for customers.
“Although we see challenges in markets such as North America, where activity levels are lower than expected, the initiatives we have implemented have started to show positive results.
“We expect these initiatives to have full effect during 2025.”
Overall, the total result for the period shows a loss of EUR 21 million, however the non-recurring cost of EUR 35 million related to the redemption of old bonds had a significant impact on the result.
“Although we have had these non-recurring costs, which have negatively impacted the profit for the period, our underlying business operations remain strong,” Melgaard continues.
“These costs are a natural part of our continued strategy to consolidate and strengthen our market position globally.”
Scan Global Logistics operates Australian offices in Melbourne and Sydney.
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